Following are several transactions involving a university. |
1. |
In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $550,000 grant for wetlands research. |
2. | The university received a $560,000 endowment. |
3. |
For the fiscal year, the university recorded $2,750,000 in tuition and fees revenue. Cash refunds of $358,000 were given. |
4. |
The university provided $13,900 in tuition waivers for students with outstanding academic performance. |
5. |
During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $2,217,000. |
6. | The biology department spent $28,000 on wetland research. |
7. | At year-end, $1,870 of estimated uncollectible tuition and fees was recorded. |
Required |
a. |
Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) |
.
1 In fiscal year 2017, the university was notified by the federal government that in 2018 it would receive a $550,000 grant for wetlands research.
2 The university received a $560,000 endowment.
3 Record the receipt of tuition and fees revenue.
4 Record the refund of tuition and fees revenue.
5 The university provided $13,900 in tuition waivers for students with outstanding academic performance.
6 During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $2,217,000.
7 Record the payment of expenses related to wetland research.
8 Record the appropriation of expenses for wetland research from the net assets released account.
9 At year-end, $1,870 of estimated uncollectible tuition and fees was recorded.
b. |
Prepare journal entries to record the foregoing transactions, assuming the university is a public institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) |
1 Record the grant receivable from the Federal Government for wetlands research.
2 The university received a $560,000 endowment.
3 Record the receipt of tuition and fees revenue.
4 Record the refund of tuition and fees revenue.
5 The university provided $13,900 in tuition waivers for students with outstanding academic performance.
6 During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $2,217,000.
7 The biology department spent $28,000 on wetland research.
8 At year-end, $1,870 of estimated uncollectible tuition and fees was recorded.
Following are several transactions involving a university. 1. In fiscal year 2017, the university was notified...
Following are several transactions involving a university. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $580,000 grant for wetlands research. The university received a $600,000 endowment. For the fiscal year, the university recorded $2,900,000 in tuition and fees revenue. Cash refunds of $378,000 were given. The university provided $14,700 in tuition waivers for students with outstanding academic performance. During the year, the university constructed a new street,...
The Statement of Net Position of South State University, a
governmentally owned university, as of the end of its fiscal year
June 30, 2016, follows.
SOUTH STATE UNIVERSITY
Statement of Net Position
June 30, 2016
Assets
Cash
$
341,000
Accounts receivable (net of doubtful accounts of
$16,000)
395,000
Investments
267,000
Capital assets
$
1,869,000
Accumulated depreciation
294,000
1,575,000
Total assets
2,578,000
Liabilities
Accounts payable
111,000
Accrued liabilities
42,000
Unearned revenue
26,000
Bonds payable
624,000
Total liabilities
803,000
Net Position
Net...
Eastern University had the following transactions at the beginning of its academic year: Student tuition and fees were billed in the amount of $7,010,000. Of that amount, $4,520,000 was collected in cash. Pell Grants in the amount of $2,002,000 were received by the university. The Pell Grants were applied to student accounts. Student scholarships, for which no services were required, amounted to $460,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries...
Eastern University had the following transactions at the beginning of its academic year: Student tuition and fees were billed in the amount of $7,090,000. Of that amount, $4,580,000 was collected in cash. Pell Grants in the amount of $2,009,000 were received by the university. The Pell Grants were applied to student accounts. Student scholarships, for which no services were required, amounted to $520,000. These were applied to student tuition bills at the beginning of each semester. Required: Prepare journal entries...
Roberta College is a not-for-profit entity. Record the following transactions for the fiscal year ended June 30, 2017. That year... a.Tuition revenue for the fall semester 2016 (August - December) was $4 million; tuition for the Spring semester 2017 (January - May) was $3.8 million; tuition for the summer semester 2017 (June 1-August 15) was $2 million. All tuition was received in cash. b.Faculty salaries for the fall semester were $3 million; for the spring semester, $2.9 million; and for...
Please help with Part B. Preparing a statement of activities of
for the year ended June 30,2020
15-17. Private College Transactions. (L015-4 ) Steiner College's statement of financial position for the year ended June 30, 2019, is presented here. Steiner is a private college. STEINER COLLEGE Statement of Financial Position June 30, 2019 (amounts in thousands) $ 734 7,666 230 5,872 1,364 281,404 | 158,400 $455,670 Assets Cash and cash equivalents Short-term investments Tuition and fees receivable (net of doubtful...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
On January 1, 2017, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $560,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after qualified expenditures have been made; the grant could be used over a two-year period. The following data pertain to operations of the SUMMER EMPLOYMENT GRANT FUND, a special revenue fund of...
During 2017, the following selected events and transactions
were recorded by Milos County Hospital.
1.
Gross charges for hospital services, all charged to accounts
and notes receivable, were as follows:
Patient service revenues
$1,666,500
2.
The hospital cafeteria and gift shop had cash sales of
$296,100.
3.
Additional information determined subsequently to recording
patient service revenues and relating to the current-year is as
follows:
Contractual adjustments
$
640,000
Provision for bad debts
31,000
Charity care
262,200
4.
A federal cost...
Budgeting for an Academic Department at a State University: Can You Believe the Numbers? INTRODUCTION You are the senior accounting faculty member in the business school and your dean, Dean Weller, is asking for help. She is very discouraged after a midyear budget meeting with the Vice President of Finance. The college's Department of Social Work has a large budget deficit, and because of this the VP is inclined towards closing the department entirely or closing its bachelor's program. The...